NCB Financial backs Jamaica Broilers turnaround with $15.1b financing

  

NCB Financial Group has underwritten J$15.1 billion in senior secured financing to support Jamaica Broilers Group as it moves to strengthen its local operations while restructuring its overseas business.

 

NCB says the financing package is designed to give Jamaica Broilers the stability and time needed to execute a recovery strategy, following the identification of accounting and operational challenges within its US segment. 

 

Those issues affected cash flows and profitability, but the group's Jamaican operations have remained profitable.

 

The financing includes J$6.4 billion in loans from National Commercial Bank Jamaica, along with J$8.7 billion in multi-tranche bonds arranged by NCB Capital Markets, with maturities of up to 14 years. 

 

Angus Young, CEO of NCB Capital Markets, says the support reflects confidence in Jamaica Broilers' core domestic business and its importance to national food security, employment and rural livelihoods.

 

"Our support is grounded in the strength of the company's core Jamaican operations and the decisive corrective actions now underway. We are encouraged by the approach being taken to address the matters identified in the group's US segment and have designed bespoke financing solutions, aligned with Jamaica Broilers Group's specific recovery and capital needs. With more robust corporate governance, transparency and disciplined execution, we believe that Jamaica Broilers is well positioned to recover

and deliver value to stakeholders and a wider economy," said Mr. Young.

 

Jamaica Broilers Group President and CEO Christopher Levy noted that the company is implementing a disciplined turnaround plan focused on stronger governance, tighter financial controls and improved operational efficiency. 

 

"We have strengthened our leadership, our financial controls and transitioned to auditors with specialised sector experience. We brought our US operations under our direct Jamaican supervision. With NCB's support, we are very confident in our ability to regain momentum and build shareholder confidence," he declared.

 

For the year ended May 31, 2025, Jamaica Broilers' Jamaican operations delivered net profit of $2.5 billion, underscoring the strength of the local business.